Progyny Inc (NASDAQ:PGNY) announced that shipments of its fertility medication Menopur have resumed following an industry wide shortage, prompting the company to boost its fourth quarter and full year guidance.
During the company’s earnings call on November 3, executives said that the assumption was that Menopur would not be available for the remainder of 2022. Even so, the significant majority of the dispensing for the fertility cycles that were expected to be impacted by the shortage had already occurred, the company said.
Now, with the issues mitigated, Progyny Inc (NASDAQ:PGNY)reased its guidance to reflect the positive impact now expected in the fourth quarter. Revenue in the fourth quarter 2022 is projected to be between $208.9 million to $213.9 million, good for year-over-year growth of 64% to 68%.
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Net income is projected to land between $1.5 million and $2.5 million, or $0.02 to $0.03 per diluted share, the company said.
For the full year, the company projects revenue between $781.5 million to $786.5 million (56%-57% growth) and net income between $28.5 million and $29.5 million ($0.28-$0.29 per share).
“We are pleased to see that this matter was resolved quickly and without impact to members’ treatment utilization,” CEO Pete Anevski said in a statement. “We are excited to enter 2023 with more than 370 clients, whose 5.4 million members will have the coverage, support and access to the full range of medications they need as they pursue their fertility and family building journeys.”
Shares of the New York-based company jumped more than 6% to $36.48 Monday morning.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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